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SFG closes stores, putting focus online

Published on Tue, 21/02/2012, 11:34:44

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Specialty Fashion group continues to pursue its business online as it targets to close up to 120 stores over the next three years.

The operator of fashion retailers like Millers, Katie and La Senza reported its store rationalisation program has so far resulted in the closure of seven since the beginning of January and the company expects up to a further 15 store closures before 30 June 2012.

“We remain committed to our strategy of recalibrating our group of businesses through discipline, innovation and expansion into new sales channels, in order to maintain the financial health of the company in the short-term and ensure we are well set for long-term growth in the future,” chief executive Gary Perlstein said.

This comes after Specialty Fashion Group confirmed revenue for the half year of $307.3 million, delivering an EBITA of $21.9 million, which was in line with results guidance provided in January. It also reported reaching a net profit for the half year came to $6.2 million.

The company said during the period to 30 December 2011, it experienced further challenging economic climate that was underpinned by extremely cautious consumer sentiment, which resulted in disappointing Christmas trading period, strong Australian dollar and high cost inflation. However SFG expects cost inflation to ease in the second half of the financial year in 2013.

Additionally, it will concentrate on improving its product mix, reducing inventory levels and look at supply chain innovations.